NRS 119A.430
Requirements for closing of sale of time share.
1.
The project is free and clear of any blanket encumbrance;2.
Each person who holds an interest in the blanket encumbrance has executed an agreement, approved by the Administrator, to subordinate his or her rights to the rights of the purchaser;3.
Title to the project has been conveyed to a trustee;4.
All holders of a lien recorded against the project have recorded an instrument providing for the release and reconveyance of each time share from the lien upon the payment of a specified sum or the performance of a specified act;5.
The developer has obtained and recorded one or more binding nondisturbance agreements acceptable to the Administrator, that:(a)
Are executed by the developer, all holders of a lien recorded against the project and any other person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale; and(b)
Provide that any person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale takes title to the project subject to the rights of the purchasers; or6.
Alternative arrangements have been made which are adequate to protect the rights of the purchasers of the time shares and approved by the Administrator.
Source:
Section 119A.430 — Requirements for closing of sale of time share., https://www.leg.state.nv.us/NRS/NRS-119A.html#NRS119ASec430
.